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How Good Is Capital One Credit Card
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Capital One Platinum Credit Card Review
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You don’t have to pay a security deposit, but you also don’t receive any rewards or welcome bonuses.
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The Capital One Platinum Credit Card* is a basic credit card that allows you to build credit, but does not earn rewards. This is an unsecured credit card. This means that no security deposit is required to open an account and it is designed for people with fair, average or limited credit. Generally, this means a credit score between 580 and 669.
If your credit is worse than that, you might want to start with a secure credit card like the Capital One Platinum Secured Credit Card*. Otherwise, use the no annual fee Capital One Platinum Credit Card to build your credit responsibly and qualify for better cards with rewards and other perks in the future. increase.
Below, we’ll see how you can build your credit with this card, take advantage of the travel benefits it offers, and suggest some other cards worth considering.
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Evaluate credit cards by comparing offers against classified competitors. Each card is individually evaluated using a formula that reflects contemporary market standards and expectations. Credit card issuers do not affect our ratings. How credit cards are evaluated
To build credit with the Capital One Platinum Credit Card, you need to keep your “credit utilization rate” low. This means using less than 1/3 of your monthly credit line and paying your statement balance in full each month. Be careful when using this card as it has a high floating APR of 29.74% and can quickly accrue interest on any unpaid balance. At the end of last year, the average credit card APR was 14.51%, so if you’re looking for a good APR, there are better options.
Keeping your credit usage low and paying your balance in full on time will increase your credits. You can see the impact on your score within a few months. Capital One will also automatically start checking your account activity for credit line increases six months after you open your account. If your activity is considered a liability, you may be approved for a higher spending limit, which will also improve your credit score.
Additionally, you can access your credit profile and score with Capital One’s CreditWise, a tool that anyone can use, even if they don’t have a Capital One card.
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The most valuable travel perk associated with this card is not the foreign transaction fees that characterize the Capital One credit card. While this card doesn’t have much in common with a regular travel credit card, the Capital One Platinum Credit Card offers ATM location services while traveling and emergency card replacement if the card is lost or stolen. Offers.
The credit cards below are designed for those with the same level of fair or restricted credit as the Capital One Platinum Card. With good credit, you have more options than you should consider.
Our favorite option for affordable or limited credit is the Petal® 2 “Cash Back, No Fee” Visa® credit card issued by WebBank. It is a card with cashback, which is rare in this class. Earn 1% on eligible purchases, then 1.5% total on 12 timed monthly payments thereafter. He can also receive bonus cashback ranging from 2% to 10% at select merchants. With credit limits between $300 and $10,000, there are no annual fees or foreign transaction fees. You can also get a better variable APR in the range of 17.24% to 31.24%.
The Avant credit card is simpler than the Capital One Platinum card, but is a good alternative if you are not approved for a Capital One Platinum card. Pay an annual fee of $59. The line of credit is $300 and the floating APR is high at 29.24%. No foreign transaction fees.
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According to FICO, people with scores below 580 are considered low credit (sometimes labeled as “low credit”). There are many reasons why someone falls short of a fair standard of good credit. Bankruptcy or unpaid bills are one of the most common reasons. Some are classified as having below average scores after experiencing identity theft.
According to Experian, his FICO score with a credit score of 580-669 is considered fair. It ranges from 300 to 579 for low scores and 670 to 739 for high scores. Once you reach a good credit score threshold on your credit report, you’ll have access to more credit card options with better rates and terms.
Having strong credit in the good to exceptional range (670 to 850 FICO) has many advantages. Better rates and terms, higher credit limits, and more perks and options. And you can easily find the credit card that best suits your needs and preferences.
We review the most in-demand cards and offer the best perks. We search the fine print so there are no surprises when opening an account. found the main factor
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